Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

Russell Vought, director of the Office of Management and Budget, said Federal Reserve Chair Jerome Powell "has grossly mismanaged the Fed."

Federal Reserve Chair Jay Powell has reiterated that rate decisions will be data-driven — by inflation, and employment.

Also in today’s newsletter, Reeves puts reform of UK cash ISAs on hold and Google is to agree cloud discount with US government

In a response to Fortune, Federal Reserve Bank of St. Louis President Alberto Musalem defended the Fed's autonomy, citing global evidence that independent central banks deliver stronger inflation and employment outcomes.

The White House financial watchdog ripped Federal Reserve Chair Jerome Powell over a lavish revamp of the central bank’s Washington, DC headquarters — and warned construction could be

As the minutes of the Federal Reserve’s June meeting were released on Wednesday, the word “uncertainty” reigned supreme amid the ongoing tariff turmoil and President Donald Trump‘s call to cut rates by 3 percentage points.